Open Banking Standards to Include Consumer Voice, CFPB Says (1)

Industry bodies seeking to set standards for consumers to share their banking data will have to include consumer advocates and small companies alongside banks and larger financial firms in their decision-making and voting processes, a top US regulator said.

Industry standard-setting bodies approved by the Consumer Financial Protection Bureau are poised to play a vital role in establishing the day-to-day expectations of the open banking environment under the agency’s closely watched plan.

A final rule published on the CFPB’s website late Tuesday and subsequently taken down said the agency will require each member of the standard-setting body, including consumer advocates, ...